Can I withdraw cash from an ATM using my credit card? What is the process, are there any limits, and will I be charged any fees or interest for doing so? Is it advisable to use a credit card for cash withdrawal, or should it be avoided?
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Yes, you can withdraw cash from an ATM using your credit card but it’s not a great idea to do it.
Although, The process is pretty similar to using a debit card:
Just insert your credit card into any ATM.
Choose the Credit Card/Cash Withdrawal option.
Enter your PIN.
Withdraw the amount.
The money will be dispensed, and the amount gets deducted from your available credit cash withdrawal limit.
The credit cash withdrawal limit is the limit your bank sets for cash withdrawals usually between 2% to 40% of your total credit limit.
You can check this in your bank app or monthly credit card statement.
But make sure to check the charges like:
- Cash Advance Fee: Around 2.5%–3% of the amount withdrawn similar to what you pay when loading money to a wallet using a credit card.
- Interest Charges: Unlike wallet loads, interest starts immediately from the day you withdraw the cash.
There’s no interest-free period, unlike regular credit card spends. - No rewards, no cashback - nothing.
So if you don’t repay quickly, it becomes super costly.
My suggestion would be to Only use credit card cash withdrawal when its a genuine emergency, and if you’re sure you can repay it ASAP.
Otherwise, consider options like:
- Loading money to a wallet (if available),
- Using a personal loan or you can check if your card offers a low-interest credit card loan.
These are usually cheaper and safer.
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Yes you definitely can! but why would you ??? Every time you withdraw money at an atm using a credit card you are borrowing money from that very moment at a very high interest rate. its always better to just never withdraw money using a credit card.
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Short answer, No.
Long answer, Ask your friends, take some advances or take a loan or just defer the expense until you have some liquidity.
As taking cash from the CC is the perfect recipe for debt trap spiral. you will be charged about 40% interest on it Annually which is 2x of any personal loans
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Yes, you can withdraw cash from an ATM using your credit card, but it’s usually a bad idea. The charges are very high, banks add a cash withdrawal fee and interest starts right away with no grace period. You also don’t earn rewards on this transaction. It should really only be used in emergencies and paid back as quickly as possible, otherwise it can turn into expensive debt.
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